Finspiration Australia. Chart Analysis for Australian and International Stock Markets.

 5/9/22.  XJO up today, +0.34%.

Today was another narrow range day, if the index poised at the top of the Kumo Cloud.

It seems that the XJO is waiting on the RBA decision on interest rates tomorrow.

I'll also wait.  The decision is listed for 2.30 p.m. tomorrow.

Despite the positive result for the XJO today, breadth was poor.  Advances/Declines today were 589/853.  New Highs/New Lows 17/45.

Despite that negative pressure, XJO was up mainly on the back of resource stocks.  XEJ +4% and Materials +1.9%.  The only other sectors up, of 11, were Consumer Staples +0.2% and Utilies +0.2%

That's not a great scenario for further upside for the XJO.